Good morning and welcome to the China Ceramics Second Half and Fiscal Year Ended 2018 Earnings Conference Call. I would like to turn the call over to David Rudnick. Go ahead, please.

Thank you, Carla. Good morning, ladies and gentlemen, and good evening to those of you who are joining us from China. Welcome to China Ceramics six-month and fiscal year-end 2018 earnings conference call. With us today are China Ceramics Chairman and Chief Executive Officer, Mr. Jia Dong Huang; and its Chief Financial Officer, Mr. Edmund Hen. Before I turn the call over to Mr. Wong, I would like to address forward-looking statements that may be discussed on the call. Forward-looking statements involve risks and uncertainties and include, among others, those regarding revenue, property expenses, other income and expense, taxes, and future business outlook. Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements. The company claims the Safe Harbor protections for such forward-looking statements is contemplated under the Private Securities Litigation Reform Act of 1995. Please refer to the documents filed by the company with the SEC, specifically the most recent reports on Forms 20-F and 6-K which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. We assume no obligation to update any forward-looking statements or information which speak as of the respective dates. And now it's my pleasure to turn the call over to China Ceramics' Chairman and CEO, Mr. Jia Dong Huang; and China Ceramics' CFO, Mr. Edmund Hen will be translating Mr. Huang. Mr. Huang, you may proceed.

Thank you, David. On behalf of the company, I would like to welcome everyone to our second half and fiscal year-end 2018 earnings conference call. During the second half of 2018, we experienced difficult market conditions as compared to the same period of 2017. Our revenue decreased 71% for the second half of 2018 due to a 72% decrease in our sales volume. However, after adjusting for asset write-offs, our cash flow was modestly positive for the second half of the year despite the market slowdown and our cash flow was reasonably strong for the full year of 2018. For the fiscal year 2018, we utilized production facilities capable of producing 16.9 million square meters of ceramic tiles per year out of the company's effective total annual production capacity of 56.5 million square meters of ceramic tiles. Consistent with our practices in past quarters, we maintained a reduced utilization of existing plant capacity based on the current market environment to keep our operating costs low. We intend to bring additional capacity online as the business environment improves. For the remainder of 2019, we believe market conditions will continue to be challenging due to government regulation to stabilize real estate prices and contain real estate development. However, urban renewal projects and an improvement in new home prices last month, fueled by China's smaller tier cities, could present a potential turnaround in business conditions. In the long term, we believe our building materials sector will continue to benefit from growth in the real estate sector, due to continued urbanization and its importance to China's domestic growth. We plan to capitalize on emerging trends in the sectors such as affordable housing initiatives and the government's promotion of rental properties that could spur future growth. With that, I would like to turn over the call to the company's Chief Financial Officer, Mr. Edmund Hen, who will discuss the company's second half 2018 earnings results in more detail. Thank you.

Thank you, Mr. Huang. I will now move on to a more detailed discussion of our financial results for the six month ending December 31, 2018. Our revenue for the six months end December 31, 2018 was RMB 142.6 million or $20.8 million, a decrease of 70.6% from RMB 485.3 million or $72.7 million for the same period of 2017. The 70.6% year-over-year decrease in investment was still due to the 72% decrease in our sales volume for the six month end December 31, 2018, compared to the same period of 2017. Gross loss for the six months end December 31, 2018 was RMB 46 million or $6.7 million, as compared to gross profit of RMB 57.8 million or $8.7 million for the same period of 2017. The gross loss margin was 32.3% for the six months end December 31, 2018, as compared to an 11.9% gross profit margin for the same period of 2017, which was due to a 72.1% period-to-period decrease in sales volume, and an increase in the provision for inventory impairment, which was RMB 56 million or $8.2 million for the six months end December 31, 2018, as compared to a reversal of the inventory impairments of RMB 2.7 million or $0.4 million for the same period of 2017. Other income for the six months end December 31, 2018 was RMB 7.5 million or $1.1 million, as compared to RMB 7.3 million or $1.1 million for the same period of 2017. Other income mainly consists of rental income for the company received by leasing out one of their production lines for its Hengdali facility pursuant to an eight-year lease contract. Selling expenses for the six months end December 31, 2018 were RMB 5.3 million or $0.8 million, as compared to RMB 6.1 million or $0.9 million…

We have a question from the line of Howard Flinker. Your question, please.

I have one simple question . How many shares do you have outstanding?

How many shares we have?

Outstanding, yes.

You mean the total of outstanding shares?

Yes, please.

6 million shares.

6 million or ?

6 million shares.

6 million approximately or exactly?

Approximately.

Okay. Thank you.

No questions at this time. I would now like to turn the call over to our speakers.

Thank you, Carla. And thank you everyone for calling in. On behalf of the entire China Ceramics management team, we would like to thank all of you for your interest and participation on this call. This concludes China Ceramics' second half 2018 earnings call. Thank you all very much.